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Ryerson University - GMS 200 Final Exam Study Guide

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Course
GMS 200 (GMS200)

Institution
Ryerson University (Ru )

This course introduces the concepts and complexities of the contemporary business environment with an emphasis on competitiveness, quality, and the main functional areas of management: Planning, Organizing, Controlling, and Leadership. The course recognizes the global context within which manageria...

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Uploaded on December 11, 2018
Number of pages 29
Written in 2018/2019
Type Study guide

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gms 200
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ryerson gms200
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global management studies
ryerson gms 200
gms200 ryerson
gms 200 ryerson

Institution
Ryerson University (Ru )
Study
Global Management Studies Major
Course
GMS 200 (GMS200)

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GMS 200 Exam Review
Chapter 1:

Intellectual Capital: The shared knowledge of a workforce; the collective brainpower of a
workforce
(To combine the talents of many people, to achieve unique and remarkable results)

Knowledge Worker: Employee's whose mind is the more critical asset than their physical body
(it's basically saying, that today we are not paid for how strong we are physically but how smart
we are and what we can do mentally)

Workforce Diversity: Describes the composition of the workforce in terms of different
ethnicities, backgrounds, religion, age, and different sexual orientation.

- These days, the diversity trends of changing demographics are being recognized and more
seniors, minority groups, women and immigrants are being hired.
- On the other hand we still have many diversity issues, like why is it that more resumes with the
name of Bob or Robert get more interest than if a resume had the name Kareem or Ali (White
sounding names in contrast to black or Arab sounding names)
- This is where Prejudice comes into play

Prejudice: the display of negative feelings toward members of diverse populations
- One big example is why working mothers are not hired as much since they look like they won't
be able to work as hard as other employees like men who the women who do not have children

- As soon as you show Prejudice against visible minorities, it's not called Prejudice anymore but
Discrimination instead

Discrimination: When visible minorities are treated unfairly and are denied the full benefits of
organizational membership
- This can include anything from not getting promoted because of your ethnicity or not even
getting the chance to do an interview because of your age or religion
- While discrimination happens on many fronts, a major part of Discrimination is the "Glass
ceiling effect"

Glass ceiling effect: This is known when there are limitations to certain employees and
creating an invisible barrier limiting career advancement to women and other minorities

Globalization: is the tendency of businesses, and technologies to spread throughout the world,
or the process of making this happen.
- It's like saying you can open up a business in Canada, but your sales can be from around the
world and the majority of your sales can be from a foreign country
- With Globalization, you can work anywhere and do business anywhere in the world as well

Ethics: a set of moral standards of what is "good" and "bad", as well as what's "right" and
"wrong" in a persons, groups, or an organization's view
- Many people believe that integrity is a key to leadership success and that the responsibility of
setting the ethical tone starts at the top of the company

, - When we say, the top of the company, we are talking about the CEO and all the executives

Shamrock 3 Leaves: The 3 leaves of almost each and every organization are Full time
workers, Contract Workers and Part-Time workers

Full Time Workers: These workers along with the success and maintenance of skills can
advance within their own organizations and stay there for a long time, since they do most of the
work.
Contract Workers: These workers perform specific tasks, they don't have a salary and are
compensated on a fee-for services basis.
Part-Time Workers: These workers are at the bottom and are hired only as needed and for as
long as needed.
- You could be any of these workers but in order to be full time which should be your goal, you
need to upgrade your skills and keep them in check, rather than doing something once and then
forgetting about that skill since you might be switching jobs from time to time
- This is where you need to be a "Portfolio Worker"

Portfolio Worker: Someone who has to have up-to-date skills so they can move from job to job
or even careers

Organization: It's a collection of people who work together to achieve one common purpose or
thing
- When one person cannot do all the work, an organization gives the opportunity to get results
far beyond what one person alone could do
- Examples of organizations range from large corporations to small businesses, or non-profit
organizations like schools, mosques, churches, and government agencies
- Organizations are also "Open Systems"

Open Systems: Transforming resource inputs from the company's external environment
around them into product outputs
- We need to remember that external environments are the suppliers of the organization and the
source of customers as well
- Feedback from the environment tells us how well the organization is doing

Resource Inputs → Transformation Process →Product Outputs

1. Resource Inputs includes: People, Money, Materials and Technology
2. Transformation Process is when work activities turn into product outputs
3. Product Outputs are finished goods and services

Productivity: The quantity and quality of work performance
- If an organization is to perform well, its resources are to be utilized well and its customers are
to be well served
- If operations add value to the original cost of resource input, 2 things will happen
1. A business can earn more profit
2. A non-profit organization can add wealth to society (providing a public service that is worth more
than it is cost, like giving out free food to the homeless or anyone in general)
- Productivity measures the quality and the quantity of outputs relative to the cost of inputs
Performance Effectiveness: the output measure of goal accomplishment

, - If you're an employee at a shipping company, performance effectiveness may mean you meet
your daily production target (you ship out "x" boxes of Fruit Loops)
- This helps production for the company as a whole since they are then maintaining their
production schedule and will be able to meet customer satisfaction

Performance Efficiency: An input measure of resource cost associated with goal
accomplishment
- Going back to the Shipping company example, if you have a faster pace when you pack the
boxes with fruit loops and ship the boxes faster without making any mistakes then you are most
efficient in how you are performing

Dynamic Forces and the General Environment

General Environment: Composed of the 5 dynamic forces
- the general environment of organizations consists of all external conditions that set the context
for managerial decision making
- The 5 dynamic forces are:
1. Economic
2. Legal-Political
3. Technological
4. Socio-Cultural
5. Natural Environment

1) Economic Environment:
§ Economic Growth
§ Unemployment Rate
§ Disposable Income
§ Manages MUST be concerned the economic conditions which influence customer spending, resource
supplies and investment capital
§ Overall health in the economy in terms of financial markets, inflation, income levels, Unemployment,
and gross domestic product are always important since they affect the AMOUNT of wealth available
consumers, and that affects product markets and spending patterns

2) Legal - Political
§ Laws and regulations
§ Business forms
§ Political Trends
§ Executives must always be attentive to what's going on in the political world, since it could and will
change our business
§ Each time an election happens, many debates occur will affect our economy and in the end affect our
business

3) Technological
§ Not only do managers need to stay side by side with the new technology changes that happen year
round but must also be aware of their work implications
§ IT Systems/Infrastructures
§ Broadband internet access

4) Socio-Cultural
§ Population Demographics

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